Blackstone Strengthens BAAM Leadership with Joe Dowling's Appointment as Global Co-Head

In a strategic move to bolster its alternative asset management operations, Blackstone has appointed Joe Dowling, formerly the Chief Executive Officer of Brown University’s Investment Office, as Global Co-Head of Blackstone Alternative Asset Management (BAAM). Dowling will share the co-head role with John McCormick, who continues to lead the firm’s business and investor relations efforts while Dowling focuses on investment strategy and portfolio management.

Building on BAAM’s Market Position

Blackstone Alternative Asset Management operates with $78 billion in assets under management, establishing itself as the global leader in hedge fund allocations. The division has expanded significantly beyond traditional hedge fund investing, developing capabilities in special situations, GP stakes, liquid alternatives, and equity capital markets. This diversified platform positions BAAM to serve both institutional and retail investors pursuing risk-adjusted returns across multiple asset classes.

Dowling’s Track Record in Institutional Investing

Dowling brings substantial experience managing complex institutional portfolios. During his tenure at Brown University starting in 2013 as Chief Investment Officer—a role he expanded when he became Chief Executive Officer in 2018—he led investment performance that outpaced peer Ivy League institutions across 1, 3, 5, and 7-year periods. His background encompasses direct equity investing, multi-asset allocation strategy, and hedge fund selection—expertise directly applicable to BAAM’s investment mandate.

Prior to Brown, Dowling founded and led Narragansett Asset Management, where he managed capital for institutions, pension funds, and endowments. His earlier career included positions at investment firms including First Boston, Tudor Investments, and Oracle Partners. He holds both a bachelor’s degree and MBA from Harvard University.

Leadership Vision for Future Growth

Stephen A. Schwarzman, Blackstone’s Chairman and CEO, highlighted Dowling’s capabilities in hedge fund investing, public equity sectors, commodities, and currency allocation as key strengths for the platform. The appointment reflects Schwarzman’s confidence that attracting such a seasoned investor demonstrates BAAM’s competitive appeal to top talent and its capacity to serve institutional clients effectively.

Jon Gray, Blackstone President and COO, emphasized that pairing Dowling’s capital allocation expertise with McCormick’s proven ability to build business platforms creates a complementary leadership structure. Gray noted that the combined approach enables expansion into adjacent investment areas while maintaining disciplined risk management—a defining characteristic of BAAM’s institutional approach.

Strategic Significance

The dual co-head model allows Blackstone to separate investment decision-making from operational scaling, with McCormick driving platform development and business growth while Dowling steers portfolio strategy. This structure enables the firm to pursue new investment opportunities while sustaining focus on downside protection across its $78 billion portfolio. For investors, the appointment signals Blackstone’s commitment to strengthening its alternative asset management capabilities through experienced, performance-driven leadership.